Russia’s Lukoil reopens its office in Iran

Russia’s oil company Lukoil has reopened its office in Iran, the company’s first vice president Ravil Maganov told reporters on Wednesday.

Russia’s oil company Lukoil has reopened its office in Iran, the company’s first vice president Ravil Maganov told reporters on Wednesday.

"We look forward to participation in projects in Iran after the sanctions are fully removed", he said.

Maganov said that the Anaran project is Lukoil’s priority in Iran but the company is also interested in other projects.

"We are studying geological data on other projects as well", he said.

The Anaran oilfield is located on the Iranian-Iraqi border.

Lukoil started working on the Anaran block in 2003 but was forced to pull out after economic sanctions had been imposed on Iran.

In November 2014, Lukoil’s Chief Vagit Alekperov said that the company wants to return to the Anaran project in Iran, if possible, after sanctions are lifted.

"In our time, we discovered the Anaran oilfield on the Iranian-Iraqi border. Together with a Norwegian firm, we would like to return to this deposit. We know its geology and infrastructure," Alekperov said.

On April 2, the six powers (five permanent members of the UN Security Council and Germany) and Iran adopted a joint comprehensive action plan on Tehran’s nuclear program. The framework clears the way for talks on a comprehensive deal with Iran by June 30 under which it would curb nuclear activities for at least a decade in exchange for an end to sanctions imposed by the United Nations, European Union and United States on Iran’s energy and financial sectors.